I have just promoted the Field Audit module to a full project, and thought fellow Higher Ed folks would be interested. This module adds an additional administrative note to every field for things like recording approval for data use, or noting integration points. It also generates a field audit report that you can hand over to data owners on your campus which shows all fields for any entity or bundle along with the admin notes and any feeds importers that map to that field.
Since a lot of us import FERPA data from external systems, and many use Feeds to do so, this can help keep data owners happy and record a chain of custody of data in case of an audit.
Any feedback is appreciated, please file an issue if you find a bug or have a feature request. We're maintaining this as part of a larger project and will be adding more features throughout the year.